Latest news with #workforcehousing
Yahoo
3 days ago
- Business
- Yahoo
Milwaukee's largest office to housing conversion to get city cash--in return for lower rents
Milwaukee's largest conversion of an office building to housing would get city financing help − in return for setting aside some apartments at lower rents, under a plan that's won an initial city approval. The underused 100 East office tower's redevelopment would create 373 apartments by early 2028. That includes 75 "workforce housing" apartments with rents affordable to people earning no higher than the Milwaukee area's median income. Those monthly rents would initially be just over $1,900 for a studio and nearly $2,100 for a one-bedroom unit. Mayor Cavalier Johnson's Department of City Development is proposing tax incremental financing of $14.4 million for the $165 million project. That plan, endorsed by the Redevelopment Authority board on July 17, would use property tax revenue generated by the apartments to pay for part of the construction costs. The proposal is to undergo Common Council review in September, and renovations could begin in October. 100 East's conversion is being led by Klein Development Inc. and investor/developer John Vassallo. Their investment group bought the 35-story building, 100 E. Wisconsin Ave., in 2023 for $28.75 million. The financing plan's supporters include Alderman Robert Bauman, whose district includes downtown. 100 East would be the first workforce housing development to receive such financing under the city's new policy, Development Commissioner Lafayette Crump told authority board members. The Department of City Development defines workforce housing as apartments for people earning up to to 100% of the Milwaukee area median income. That amounts to $77,500 for an individual, or $110,700 for a family of four, according to updated federal guidelines. Workforce housing typically targets people who earn too much to qualify for tax credit-financed apartments with below-market rents, but still have trouble finding affordable market-rate units. Developers say inflated construction costs and higher loan interest rates have made it difficult to build such apartments without city help. Meanwhile, a new study from Moody's Analytics Inc. says the nationwide housing shortage is worse among rentals than home to purchase. That study recommends a focus on improving the housing supply "in modest- and middle-income communities." "With subsidies already providing some support for housing in low-income communities and the market in most places adequately serving upper-income communities, those in between are falling through the cracks," the study said. The 100 East development also would convert a nearly-vacant office building, with a $27 million assessed value, into one of downtown's largest apartment communities with an estimated $120 million value, Crump said. The city financing plan calls for annual payments to the developers from the project's property tax revenue. Those payments would stop after 16 years, Crump said, with the tax revenue then flowing to the city, Milwaukee Public Schools and other local governments. The financing package includes federal and state historic preservation tax credits, and a commercial loan with a guarantee from the U.S. Department of Housing and Urban Development − a program also used for The Couture high-rise. Tom Daykin can be emailed at tdaykin@ and followed on Instagram, Bluesky, X and article originally appeared on Milwaukee Journal Sentinel: 100 East conversion to housing to get city financing--for lower rents
Yahoo
19-06-2025
- Politics
- Yahoo
Senator who championed Live Local Act says local governments must embrace it to work
Kathleen Passidomo championed the Live Local Act during her time as Florida Senate president. She saw it as a way to provide much-needed workforce housing across the state, including in her own backyard of Naples, where there has long been a critical shortage of it. "There had been study, after study, after study. Everybody gave it lip service. But nobody wanted to do anything about it," Passidomo said. There had been a strong "not-in-my-backyard" attitude, when it came to affordable and workforce housing. Since its adoption in 2023, Live Local has attacked the shortage on many fronts. "It's tax credits. It's things like density bonuses, making smaller units. And also, trying to cut through the red tape that often happens with government, to expedite some of these projects," Passidomo said. When reflecting on Live Local's success so far, she said: "It is working in many, many places. And it's all about leadership on a local level.' SPECIAL REPORT: Florida's Live Local Act wanted to spur affordable housing, but has it? The Republican senator has represented the 28th district, which includes Collier, Hendry and part of Lee County in Southwest Florida, since 2016. The region has some of the highest housing prices and rents in the state. Around the state, some cities, counties and towns have been more willing than others to accept or adopt the new Live Local rules, with some finding unexpected ways around them. "The local governments that recognized the need were welcoming the bill. And developers in those communities were being very successful," Passidomo said. In response to critics, who see the state law as an attack on home rule, she said: "The bill I don't believe was draconian or overreaching on the state's part." More: Q&A on Florida's affordable-housing Live Local Act: What is it and why is it controversial? She acknowledged some local governments, even in her own district, have found a way to "put the brakes on Live Local," by "opting out" of issuing property tax exemptions, based on certain criteria, which she isn't happy about. One of the proposed Live Local projects she's most proud of is in her own district. It would replace the defunct Sanibel Outlets, near the causeway to Sanibel Island, in Lee County, with a mixed-use development that would include workforce housing. "The people who work on Sanibel just have a quick shot over the bridge to get to work," Passidomo said. "That's an example of a good public-private type partnership." She sees the opportunity for more conversions like that one, with the help of Live Local, in Southwest Florida, and elsewhere in the state. "We have shopping centers that are virtually empty, so my thought is those are commercial properties that could be redeveloped into residential apartments," including workforce housing, Passidomo said. "So you could live where you work," she said. There are still misperceptions about the types of people who can benefit from Live Local, which include the "missing middle," who could be making $75,000 to $85,000 a year, Passidomo said. She pointed out that could include a starting attorney, or a myriad of city, county or state workers. "A lot of it is education and getting our local governments to understand and appreciate that the people who work for us, and with us, the bank tellers, the people who manage the grocery store, who work in retail, they have no place to live," Passidomo said. She continued: "And they have to drive hours and hours sometimes to get to work, which clogs our roads and creates all sorts of problems.' RELATED: The first 10 days of 2025 featured new projects, new deals, new data for Southwest Florida She hopes there will be more improvements to the Live Local Act, making it more effective and attractive to developers, through more amendments. "When I envisioned this bill, I naively thought that the local governments would embrace the concept and be thrilled about it," Passidomo said. "I never thought for a minute they would say, 'We don't want these people living here.' Because these people are the people that we work with every day." RELATED: DeSantis signs 'Live Local Act' in Naples Live Local will sunset in 2033, giving the Legislature a chance to automatically revisit it after 10 years, and to consider its renewal. While it may not be perfect, it is helping to move the needle, Passidomo said. "I have heard from a lot of people who do this as a business — that build workforce housing — that this has been transformative," Passidomo said. "So, all in all, I think it's successful and it will be for some time." Laura Layden is a senior reporter focusing on business and government for the Naples Daily News. This article originally appeared on Naples Daily News: Senator Kathleen Passidomo says Florida's Live Local Act has big upside
Bloomberg
10-06-2025
- Business
- Bloomberg
Evergreen Residential to Manage 21,000 Single-Family Rentals for VineBrook
Evergreen Residential Holdings is taking over management of 21,000 US rental homes owned by VineBrook Homes Trust Inc., as single-family landlords find new ways to grow at a time when acquisitions are difficult. Evergreen, led by Chief Executive Officer Joseph Negri, will provide property and portfolio management to VineBrook, the companies said in a statement Tuesday. The partnership expands Evergreen's reach in the Midwest and increases its exposure to workforce housing.
CBS News
08-05-2025
- Business
- CBS News
Thrive Exchange development under construction to bring more affordable housing to South Chicago
A $100 million project in the South Chicago neighborhood is celebrating its progress to bring more affordable housing and reinvestment opportunities to the South Side of Chicago. Thrive Exchange South, at 79th Street and Exchange Avenue, celebrated its "topping off" on Thursday, as crews raised the final beam of its construction. "As we raise the final beam of this transformative project, we are doing far more than just topping off a building, we are raising the bar for what's possible in South Shore and South Chicago," Ald. Greg Mitchell (7th) said. The six-story mixed-use building will include 43 units of affordable housing, 84 units of luxury workforce housing rental apartments, 24 for-sale condominiums, and 10,000 square feet of retail space on the ground floor. The project also will a healthcare center, with more than 50 jobs, and serving more than 15,000 patients a year. The $100 million project is being financed with up to $18.5 million in tax-exempt housing revenue bonds issued by the city, a $13.1 million TIF grant, and more than $6 million in other grants and loans from the city.
